FG releases fund for petroleum subsidy

Gbola Subair, Abuja - 15.04.2008

THE Federal Government has released fund for the payment of subsidy to the Nigerian National Petroleum Corporation (NNPC) and the Petroleum Product Pricing Regulatory Agency (PPPRA).

In line with a directive from the President Umaru Yar’Adua, the Federal Ministry of Finance has authorised the release of N14,864,618,011.98 to the NNPC and N21,417,166,164.09 to the PPPRA, being outstanding subsidy for petroleum products for 2007.

Confirming the payment, the Minister of State for Finance, Mr.Remi Babalola, stated that “the arrears for the period January to March 2008 have been submitted by PPPRA for processing.”